"There is too little productivity, too much debt and growth is slowing down," he said, before adding that it's "a myth" to think inflation causes real wages to rise.

He warned he does not see a decent real wage rise unless productivity rises as well. In Britain, real wage growth only picked up a few months before the election.

Now, according to the Office for National Statistics data, pay for employees in Britain increased by 1.9%, including bonuses, and by 2.2% excluding bonuses. This beat expectations of 1.7% and 2.1%, respectively.